HDFC Bank Q2 profit at Rs 15,976 crore in first quarterly earnings post merger

The country's largest private lender, HDFC Bank, on Monday reported net profit of Rs 15,976 crore in the first quarterly earnings after it merged with mortgage lender HDFC. The numbers are not comparable annually and sequentially because the merged entity came into effect from July 1.

HDFC Bank's net interest income or the difference between interest earned on loans and interest expended on deposits came in at Rs 27,385 crore.

Gross non-performing assets (NPA) ratio rose to 1.34 per cent as against 1.17 per cent in the previous quarter prior to the merger.

The bank saw a sharp drop in its net interest margin to 3.4 per cent on all assets and 3.6 per cent on interest-earning assets. Net interest margin was 4.1 per cent in the June quarter.

Gross loans were at Rs 23.55 lakh crore, up 4.9 per cent from the previous quarter on a like-to-like basis, the lender said.

Deposits aggregated to about Rs 21.73 lakh crore at the end of September, a 5.3 per cent increase from June end on a comparable basis.

HDFC Bank shares ended 0.47 per cent lower at Rs 1,529.50 ahead of its earnings announcement.